Jobs saved as Plymouth Aerospace firm enters a CVA

Lameys have gained approval of a Company Voluntary Arrangement (CVA) for Plymouth based, Hymec Aerospace UK Limited to assist in dealing with its current financial predicament and save jobs. The CVA was approved by creditors on 12 October 2015.

The main cause of difficulties was the loss of one of its major contracts to a low cost location and, as a result, the Company’s order book has reduced recently by over 40%. The business has been restructured to deal with the reduction in the order book and the Company still has a bright future. However, the CVA has provided the required assistance to deal with its liabilities. Discussions with several stakeholders took place prior to the 12 October and creditors overwhelmingly voted for the approval of the CVA.

Whilst there have unfortunately been some job losses, the CVA means the Company can avoid liquidation and save 70 jobs while providing the Company’s creditors a better return.